Wells Fargo Scandal: 5 Things you Need to Know!
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- เผยแพร่เมื่อ 25 ก.ค. 2024
- Wells Fargo Scandal: 5 Thing you Need to Know!
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Employees of the Giant US Bank Wells Fargo spent years setting up fake accounts in order to scam money from customers. WatchMojo News presents 5 facts about the scandal, examining how and why the fraud came about, who committed it, what kind of effect it had, what are the larger implications for banking in America.
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Move your money to a local credit union! I've used them since I started banking (I'm 49 now) and. I have NEVER had a problem.
No one goes to jail... again
I was watching making a murderer on Netflix lol
No surprise there...
James Clark unfortunately u don't have the skin pigment for white collar crime
***** Wow, America is great anyone Black, White, Asian, Latino can be a white collar criminal
Itsbestbro and they say that drugs is the problem in america
Just closed my account at Wells Fargo today
Jesus Yeahyeah just closed mine today. feels so good
I still really can’t believe what just happened to me, it was just a dream come true... if your looking for a great and wonderful hacker Raymond is the one you need to talk to, good at what he does. Contact him on +13236893515
Idid too
I’m about to. Seriously.
Once again, nobody gets arrested/convicted of a crime.
It's literally a case of identity theft. If it were you or me, we would have gotten a few years.
hillary must be connected
I never trusted Wells. They charge you for not having enough money and charge you if you don't use money. Doesn't make sense.
IMO
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It's free realestate did it work or was it a scam ?
Banking fees are a thing of the past. The major banks are using an archaic system that fucks customers for literally anything. Some new checking accounts like Chime and Discover have no fees or devious terms of any kind. Idk how they make enough money to stay in business, but somehow they do
@@alex3rd11 it's cause they give out fat loans without doing due diligence
And credit cards
Some of these employees or executives need to go to jail... These greedy bankers will not stop if they only get slaps on the wrist.
Wells Fargo stole about 4 million from my family's account. We're currently awaiting for it.
Holy moly
that's Awful.
Michaeltv100
Sue them.
aldrin gaming our* bank acccount
The one who still is screwed, the Customer.
"I'm sorry for the identity theft. Here's 25 dollars. Good luck building up your credit score for the next few years and no, we cannot approve your loan because apparently you haven't been taking care of your credit score."
Anyone who sees this, if you have money in Wells Fargo, get it out now. They need to feel the cost of this. We can't bring the money back for the people who lost it, but we sure can make sure no one else gets screwed over.
Um, you don´t need to bring the money back, the bank itself do that for you.....
And do you really believe that a few people like you will stop them from doing so again if they want to?
No. People are lazy idiots. After the oil spill years back and it's aftermath people still went to Arco for gas even though the company try to cheap out on the bills and not to mention the people and environment is still not the same there. But people gotta save a few cents a gallon.
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Smh that's crazy, I bet they're not the only bank that did this.
ikr... idk why so much hate to WF? when this kind of stuff occurs in almost every bank...
Or does 😳
nope BOA of FL, did it to me
there SHOULD be TONS of hate to ALL banks including wf
I believe it smh
Everybody needs to do the right thing and cancel their accounts with this bank.
Better to move your banking to locally owned credit unions.
Gene Burnett yeah. I have one. And going to get my husband to switch from Us bank to the local credit union. It's not that US bank is bad as far as I know, but with big banks there's always corruption. We have our first baby and I never want to go through this again
Still a good Movie.
Ikr
And this is part of why I've been "banking" with a credit union :/ Just can't trust these big companies anymore.
as a wellsfargo employee all this is very true with the deceptive practices pressure comes from the higher ups
yup i was an employee also and pressure is an understatement
X I.
I used to work for Nordstroms when I was in college and the pressure was so high there that I heard of mamagers for would buy merchandise just to increase the sales numbers. It was very stressful working there.
BTW I knew this was a top-down kind of thing.
C.R.E.A.M
There were employs that reported this problem. What happen to them
Fired!!
185 million dollar fine.....thats literally nothing to a bank
lol yup and that's just going to the government not the costumers, those shitty workers need to go to jail
thats exactly what I was thinking. I think they should give $500 to every single customer they have. That'll be good enough. I could use that right now hahaha.
Not to mention all the credit scores affected by this that literally take years to repair.
Yeah it's ridiculous that these bank workers commit horrible crimes all the time that are worth millions of dollars in fines, but they never get arrested.
They should have charged 1.5 billion
Integrity left on the stagecoach.
Why would anyone expect for Wells Fargo to be the only bank guilty off this practice?
chris hormachea
They're not.
The Federal Reserve started an account in your name, at birth, worth millions.
Wells Fargo withdrew my money 💰3900 straight from my bank account with out my authorization and never pay me the money back. Be careful if you're well customers? Period.!
Dhaou Pi same that happened to me with 3,000. That was what I saved with my teen account in 2015, I never did get my money back either
Dhaou Pi I had a fraud bill for a thousand dollars. It's supposedly voided but sometimes I just stay awake at night thinking about it. I wish they got 10x the mental anguish they caused all the customers
I got a Wells Fargo text earlier and didn't bother to read it and now I see some Wells Fargo scandal shit -.-
Like, I don't think my parents even use Wells Fargo xD
Bank of America is similar. Charges on everything no matter what even if you get cash directly from
The bank they will still charge a fee. Also trying to make a sales pitch for some type of insurance just so they can charge you
I have only had accounts with credit unions, i refuse to make a account with one of these big banks
maybe I should do the same. wells Fargo is my bank
credit unions are the better way to go, they don't scheme and try to scam/steal your money.. they work their ass off and bend over backwards to keep you happy as a customer
you're an idiot
tornsoul82 Yep because they see you as a partner
How could you keep your money in a bank that defrauds its customers...amazing that its even a "Maybe"
Jeez. The first wave of comments are always fucking garbage.
Every wave is garbage
the first wave of zombies you kill them with cherry bombs
I currently work at Wells Fargo and everything they are saying is true. It's literally the entire goal is numbers and generating sales. We are trained to try and sell to every person. Some of the things the customers need, but a lot of them are just to make the store hit their numbers.
it's not just banks. I was working for a satellite TV company and we had someone who was adding services to peoples account without permission for 6 weeks. he made almost $600 in bonuses before he was fired.
Hold on a minute...let me put on my 'shocked face' - I've been using the same one since 2008. (cough cough) Oh My! How shocking! 😮
T
People move your money from "for profit" banks to "not for profit" credit unions, problem solved.
This is why I have a credit union bank rather than these big banks!
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They do the same stuff. It’s easier for them to get away with it, because they aren’t typically publicly held. They have less of a spot light so they can get away with more.
Wellsfargo CEO needs jail time. Board of directors needs more jail time. Only people held accountable were the clerks making an average of $12 an hour. Warren Buffett major shareholder says all is ok by him. Warren is proud of the billions he made on Wellsfargo.
So the banks are stealing money from their customers now😑
That's why I went to credit unions. I got sick & tired over Bank of America's crap that I decided to close my account.
one of the "perks" is keeping their jobs. wells fargo has a minimum sales goals as wells, just unofficially. and applies to tellers as well which are not effect by the "fixes", the wording is only applies to for banker.
Was once a customer of this filth. NEVER AGAIN! Got screwed thoroughly by them and then they had the gall to screw with my credit reporting! As far as I am concerned, HELL WILL FREEZE SOLID before I ever deal with them again!
If my bank ever did this, not only would I take my business elsewhere, since I have a fixed income; I would be on the hunt for everyone responsible. Fines and pay backs are expected, but not enough. I'd want anyone involved prosecuted.
Got a badass over here.
I think I’ve been had!! Who do I get in contact with??
Wells Fargo pushes their tellers to add additional services, and while they only make 12 bucks/hr, if they hit those incentives, they end up making $5-7 an hour more.
only 12hrp sounds sounds great to me.
Are you serious? That was my starting wage at the first job I ever had in high school. It's really not that much.
***** Now that you mention it, that makes sense. I just have trouble wrapping my head around the notion that anyone would make a career out of such a low paying job. $12 an hour at 40 hours a week is can fall under the poverty line, depending on how many people are in your household. If he was being sarcastic, he should've said a higher number. $12 isn't enough to make for substantial hyperbole.
***** Oh. I see.
Adam Tesch the cheapest slave wage ever oh no my bag
I don't like Bank of America that's why I switched to Wells Fargo.
I swear to God the truth and the fact is allforgodcyber1@gmail.com
Never had a problem with Wellfargo plus they always help me with everything
Sergio Parra
Haha just wait
Only applies to mud people
It needs to be Shut-Down ASAP.
good explanations
Number 4....that happened to me when I use to be a customer for *CHASE* (before I took all my money out of there). I have been with Wells Fargo for 3 years already but don't have any issues with them.
What needs to be done is the 5300 people need to be charged with a felony. Then we'll see how fast they will turn on their managers. Then will turn on their upper management. But it wouldn't happen cause this will take government cooperation with many agencies and they can't do anything right.
the local branch in my area no longer accepts cash deposits
When I worked for them as a banker like 10 years ago we didn't really do this to actual checking/savings accounts but we were given the OK to order debit cards (setting limits to $1) on accounts without them as it helped our store out.
Also, we would open savings accounts WITH the checking accounts and tell the customer they had to get both but they could close the account after 30 days.
ALSO.....we would sign customers up for online banking for new customers and old existing customers even if they said they didnt want online.
This was from 2004-2008 so it's been going on for a long time.
While not excusing the employees, they do have quarterly sales goals with minimums you HAVE to hit and if you didn't hit those minimums for 2 quarters in a row then it was almost a guarantee that you would loose your job.
Damn, and I thought Fargo was a restaurant...
I thought they were a fucking store!!
i thought it was a steve buscemi movie
I thought it was a wagon.
There was another similar situation that happened with my bank.There was a situation where a group of people where they were able to hack into some of the customers accounts and steal the info. My bank send me another card since they suspect that I was one of the unfortunate ones. After that I haven't had any problems with them. I guess I have a pretty good bank.
*GASP* 'Tis be my BANK!!!!
...should i be worried...?
Yes
No its not that big of a deal
Change banks
Yea. Change bank fast. And change to at least two diff banks. Don't put your eggs in a basket
yea, change to another HUGE BIG NATIONWIDE bank where the same exact things are happening.
If you do change I'd suggest a credit union or a small regional/state only small type bank.
As a former bank teller for wells fargo, I gotta tell you guys, being a banker or a bank teller is not that high end of a job, you are a glorified retailer that has access to peoples bank accounts, your branch manager is constantly presurring you to meet those quotas "Solutions". Wells Fargo policy states that in quarter of work and depending how much you work you are supposed to reach about 80 solutions for every branch employee, One solution equals to Opening a bank account Savings or checkings, Credit card opening, Mortages, new customers, etc. As long as you opening and selling bank products you keep the bank and your manager happy. Long story short, Bank tellers and Bankers are glorified Retailers who you see at your local TJ Max, or Auto dealers. They just have way more access to your personal information and access to your bank details.
This videos states a lot of facts
There is racial discrimination within the bank for I have experience it
Wells Fargo puts a lot a pressure on bank tellers and bankers to meet their quotas to be considered "a good employee" rather then just trying to their jobs.
I love this channel
In 2005 I opened a checking/ savings account at Wells Fargo. They asked if I wanted Overdraft Protection using my savings account. I answered yes. Six months later I get a Wells Fargo credit card statement with a ballance of 500 dollars due. Apparently, they had opened a credit account and set it to cover the overdrafts from checkings. This was 2005, so they have been scamming customers for at least 12 years.
I used to have wells Fargo and they took 100 out of my account, and I closed it before realizing. I know it's only 100 dollars and I don't have that account anymore, but is there anything I could do?
I was about to open account but thanks got I watched this before open
Every bank has had it's flaws
Working for Wells Fargo at the phone bank at the Shoreview, MN location has been by far the worst employment experience of my entire life. It was so bad I felt I needed to do the right thing and go online to blog about everything that happened while I worked for Wells Fargo in order to warn people who might be considering a career with this horrible, unethical, morally corrupt company. I am 36 years old and I have worked in quite a few call centers. This was the worst call center position I have ever had (and not just because of the phone banker position itself).
I did not apply for a job at Wells Fargo. After making my resume public on indeed.com, I was contacted by email by a hiring recruiter. She asked me to setup a phone interview later that day. After we had the phone interview, she asked me to come in for an in person interview with a hiring manager the next day. The next day I had an in person interview with a hiring manager. Later that same afternoon the recruiter called and made me a job offer which I accepted (even though it was for very low pay, I thought to myself. . . what could possibly be worse than working at Blue Cross Blue Shield of Minnesota?) I wanted out of that role so bad I figured this must be the light at the end of the tunnel and I went for it. Big mistake!
The training was very basic and failed to prepare us for anything that we needed to know in order to do our job efficiently. The training systems were outdated and the VL didn't even match what agents used out in production. The trainer was rude and didn't seem to care about his job. All they seemed to care about during training was how important it was to document customer complaints to prevent more law suits (because apparently everyone was suing Wells Fargo). I'm not just talking about the scandal of 2016. One time after work, after a customer made some remarks about "how much trouble we were in," I went home and did a google search for "Wells Fargo law suits." I was just shocked and blown away at the sheer volume and dollar amount of legal settlements this bank is being required to pay!
The phone banker role itself was excruciatingly stressful (and I am considered a call center veteran with over 11 years of experience on the phones from multiple call center positions). It was beyond brutal. The volume of calls was staggering, with no time ever in between calls. As soon as one call ended, another immediately beeped in every single day. I averaged over 100 calls a day. One day I took over 200 phone calls! (They expect your handle time as a phone banker to be below 265 seconds.) Keep in mind, Wells Fargo has something called a "second chance" program. This program basically allows anyone to bank with them (despite what they may have done in the past). This means phone bankers were required to take calls from customers who were less than reputable. Again, I am trying to be as transparent as possible about this employment experience. (It seemed every call I took was either from someone in a trailer park or a ghetto!) Customers who didn't even know basic math. People who were at the very bottom of society. I remember receiving phone calls from homeless people!!! They straight out told me they were homeless. Just imagine how difficult it is to explain to someone (who doesn't even understand basic math) how posting times work and why they shouldn't look at Wells Fargo's website for their current balance and that not all transactions post immediately.
After several months out of training they announced they would be closing our site down and "displacing" all of us at the Shoreview, MN phone bank. They promised to help us all find outside employment and they would help "retain" top employees. They also claimed they would offer us all a severance package. We would work through the end of November and everyone would have the entire month of December off with pay. Once January first hit, that's when our severance pay would start. Even though I only worked there for less than a year, I was promised eight weeks of severance pay starting in January. We were also told we would have multiple resources at our disposal, including someone who would work with us one on one to help us be "retained" by the company or to find outside employment. This never happened. First they decided to close more locations down. Then they said they were going to extend production through January. Then it was changed to February.
As if the stress of being "displaced" (which is Wells Fargo's Minnesota nice passive aggressive way of saying laid off) wasn't bad enough, we all had plans on what we were going to do which went up in smoke. So I finally caved in and applied for a position which it turned out Wells Fargo was bringing in to replace the phone bank. They were hiring 60 employees for the Executive Office Case Specialist position. The role involved dealing with escalated complaints that mostly came from branch locations. I passed the phone interview and was called in for an in person interview. Several days later I found out they decided my experience didn't match what they were looking for because during the interview I failed to explain how my experience was a good enough match for the position. At this time I also found out that almost the entire phone banker coaching queue had applied and been accepted for the same role. The manager I had my in person interview with was some guy they flew in from North Carolina to help with all the interviews. During the entire interview I had the impression he didn't want to be there and would rather be doing anything else besides talking to me. I remember at the end of the interview I asked him "What is the next step in the interview process from here?" He replied, "Well, we make our recommendations about who should move forward and then upper management decides the rest." Again, we were promised that management would do everything possible to help top employees be retained or find outside employment. Well this never happened. I ended up walking out and quitting out of sheer frustration and disappointment. (I ended up accepting a job with a different company less than one week later. . . for a much higher rate of pay than what I was making working for Wells Fargo.) I'm still not really sure why they didn't bother to take the time to look up my previous stats or at least look and check and see all the things that I already did for the company up to that point before they made a final decision.
WELLS FARGO HAS FAILED THEIR EMPLOYEES IN EVERY POSSIBLE WAY. It's almost as if their company culture encourages management to make the worst possible business decisions. This is why this company is in so much trouble. This company is criminal. All Wells Fargo management does is lie, lie, lie, and then lie some more. I'm not sure there will even be a Wells Fargo five years from now. They are closing down call centers and branches EVERYWHERE since they can't afford to pay employees due to all the legal settlements they are being hit with. Also, it has now come to light thanks to the media that Wells Fargo is having problems paying severance to employees from all the locations they have decided to close down. Especially now that all the MULTIPLE lawsuits are starting to be settled (again, as a result of all the poor business decisions management has made in previous years).
This has been an awful, terrible employment experience and I hope this company ends up being shut down!!! I hope this company is held accountable for all the negative things they have done and for all the poor business decisions they have made. If you are offered a job at this wretched excuse for a bank, RUN. . . don't just walk away! You need to do your research and make an educated decision. . . don't buy into this company's B.S. or lower your standards by associating yourself with their irreparably damaged brand. Just remember. . . there are quite a few reasons why this bank is in so much trouble!
My sister Work for 6 years in Wells Fargo call center , also another person we know , both end up whit very several estrés and mental issues. Irreparable mental damage. I’m very sad for them .
"Justice rains from above" 5:18
as a person working in in fraud, this is really embarassing for wells fargo
Yeah specially with the fraud trend in the US nowadays. Cant help but to think, is there anything else that we can do to prevent this?
ive never had an issue w wells fargo 👍🏻
Try having a auto loan with them lol
I got out of wells fargo after I opened an account with them when I was younger and got straight up lied to by the employee that was supposed to be helping me set up my account...she tricked me into getting overdraft protection.
This type of news is on my radar.
I like this series.
it takes for ever when you transfer money to that bank , i transferred money to that bank from another bank on Thursday by Sunday still no funds and i was told it was the bank...
where do I file a lawsuit and who do I contact they scammed me to and closed my accounts; gave me all new accounts and refuse to tell me what happened; it was a nightmare
Excuse me while I go withdraw all my money from Wells Fargo. #BadBanking
Make sure you close your account as well or they'll just open more accounts and products in your name. That's what happened to me. I wasn't a customer with Wells Fargo since I was in high school, but they opened a credit card account without my consent.
That's why you max the shit out of that credit card and say you never sign up for it. Tell them "Fuck Off!" Two can play this game...
I am a Wells Fargo customer. wow that might explain the weird texts and some weird emails I have gotten over the last few months.
Weird? In what way?
Like people at the bank would call me by a different name in the text. And for meet up at the bank.
Ohh, that is interesting!
I have wells Fargo and had no idea this was going on lmao.
Still waiting for the Dakota Pipeline "Things you need to know" informative video!
Yeah you can only wonder about those things that happen behind the scenes of things like banks. Also to be vigilant of things that don't look right.
Leaving wells tomorrow opening up a checking at my local credit union
will that exspanes all the calls i have been getting about cerit cards i do not have.
I used to work at wells fargo for 3 years... I hated it because of the high pressure sales, it was sale or lose your job.
Same here. Luckily the location I worked at as a PB1 (IN STORE) was usually busy as hell and there was only 1 other banker so we usually hit gold across all metrics for that platinum kicker and didn't have to really worry about doing shady shit to hit those n7mbers
they put a block on my debit card everytime i order anything online and they decline the transaction i do not know why but i have to keep calling and having the block removed..
I hope Sprint is next. They are beyond sketchy.
They have been doing this for years I worked in there call center during the 90's and Bank agents would open Lines of Credit without the customers knowledge to $50 for each opening. My job was to close the LOC out. This happened at WF and BofA. So it is no surprise they did this. That fine is not even 1 hours worth of the revenue the make.
how is this bank still open
This video was only okay. Lots of important information was left out. Such as how much Wells Fargo made off of their scam. How long the scam ran for. That the employees doing this were taught to do it by their upper management and given incentives for doing it. Wells Fargo found out about this years ago and let it slide.
How do you get the money?
Things*
this is my bank. maybe I should be rethinking that
When did this happen
South Sudan Conflicts Please
So why doesn't Wells Fargo give the customers they falsely charged some compensation? They get fined and other company gets to keep the money? What about the people?
Yes indeed, because I think I’ve been had!! Where and who can I complain too?
the information in this video understates the scope and severity of the Frog perpetuated by Wells Fargo and the fact that management is being let off the hook by pointing fingers at low-level employees who they trapped into a situation where they had to be creative about staying employed
Hi
Wells Fargo is my bank, how concerned should I be about this? I've never noticed anything suspicious about my account, so will this all blow over or should I switch banks?
Back to stuffing cash into a mattress
what about all of those people who were fired for calling the hot line?
Sooooo saddd,,,,,keep digging,,,,,prayers
Well I suppose I should expect higher fees this coming fiscal year..
Last time I was this early, I had money in my checking account.
really good
I closed my account with these crooks , and 2 months later i got a email saying my account was overdraft due to the account fees , be careful with that also they keep your account open to make money on fees
Last night my brain started saying "what if they never actually negated that expensive fraudulent bill?" I couldn't sleep and didn't have any appetite. I can't sleep tonight again. How do they sleep at night, they are horrible unforgivable people
never putting my money in wells Fargo.
I got hacked 2 days ago for 1500 omg this shit is crazy
Closing my accounts tomorrow
Since Wells Fargo is cracking down on it I think this bank is safer than the others right now. I applied for a credit card and I hope I get one!
Yes I’m seven years later finding out I was being scammed man . I feel so low . They only offered me $23 and after that $200. This is just not justice and they have yet to address the two extra banks they mentioned
Wow I that’s when they said it happens between those days . Even said I was making transactions from my main account to that one . Here this said I did it in Vegas . I never been to Vegas
I have 11 years prior military service.. I left Wells Fargo and went to USAA... I highly recommend you to do the same. $25 minimum to open. No service fees.. no minimum limit fees. No ATM fees. If ATM has fee, you're reimbursed!
I want to press charges on them I could die unless I figure out how to get my check. Damn them fools ...
I couldn't take them serious after Pocahontas showed her face!
Why is setting a goal for your employees bad? Human greed and dishonesty is what caused this not an incentive to do your job better.
The Wells Fargo wagon is a-comin'
Well, the well of money has far to go!
No?! 🥁🎤🦗🦗
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